Which of the Following Is Not One of Adam Smith's

question 93

Multiple Choice

Which of the following is not one of Adam Smith's canons of taxation?

• A)equity
• B)convenience
• C)certainty
• D)economic stimulation

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Definitions:

Carrying Value

The book value of assets and liabilities reported on the balance sheet, calculated as original cost less any depreciation, amortization, or impairment costs.

GAAP

Generally Accepted Accounting Principles; the standard framework of guidelines for financial accounting used in any given jurisdiction.

Market Value

The current price at which an asset or service can be bought or sold in a fair and open market.

Bond Interest Expense

The cost incurred by an entity for the interest due on its issued bonds over a specific period.